All Forum Posts by: Joe Evans

@Timothy Douglas I don't get by! Which leans me towards buying a home regardless of the financial implications, although it seems it would also benefit me financially even if it were my primary residence. Assuming I buy right!

@Tom Wagner I like that take! I'll make sure I factor those numbers in when I make the leap.

@Jordan Moorhead Right. My music relies on having the space to make it and renting doesn't cut it. Although a primary residence would be the most accommodating for music, @Timothy Douglas might be onto something with the soundproofing. Will need to factor that into budget!

@Andrew Powers I produce electronic music, primarily in the house genres.

@Rick Reeder Thanks for the suggestion! Sounds like you and @Tom Wagner are recommending I buy as long as I'm smart about it.

This has been incredibly helpful everyone. I have more to think about and have regained confidence in the process!

Thank you all for the discussion so far!

@Allen L. Good call, I'm definitely going to do some financial analysis to help clarify the decision.

@Jacob Pereira For a more productive conversation: I have $20k total. Say I'm pre-approved for a 5% downpayment, whether FHA or traditional, for a $300k property, that puts me at $15k already. Now, 3.5% of $250k would be just shy of $9k which is obviously a different story.

@Tom Wagner You're getting at my dilemma there! Are renting an apartment vs buying a primary residence equal liabilities, or is one liability better than the other because it has the possibility of being an asset?

@Antonio Cucciniello @Andrew Powers @Jordan Moorhead @Timothy Douglas @Tina TsyshMy "Why" is the desire to spend more time making music, amongst other benefits of financial freedom. I experienced what you'd call a life event last year that made that "Why" a lot more urgent. To put it short, I need a space where I can comfortably be loud and not be concerned with disturbing neighbors, or even worse, my tenants! I don't think I can put music on pause for the hopes of doing it in the future, because that future is not guaranteed.

Would love to hear your takes on the above!

I'm currently renting and recognize that my money is better spent going towards an asset. I have a modest amount of money saved up that, if paired with an FHA loan, could land me a home here in Austin, TX!

My dilemma: Doing so would require spending all my savings which are in an IRA, wiping out my principal investments along with any gains.

My question to y'all: Is it worth spending everything I have so that my living expenses are at least going towards an asset while I recuperate my savings OR is it better to continue renting and use the money towards my first rental property, either immediately or in the nearer future?

Note: I originally intended on house hacking via multi-family properties but have concluded this isn't the strategy for me.

@Jeff Kao Thank you for surfacing this great resource for me!

I currently have:

* The book on rental property investing

* BRRRR

* No and low money down

Which order should I read them in?

Am I missing a key book?